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Property- A thing, tangible or intangible, that is subject to ownership, and/or a group of related legal rights

Real Property- land, buildings, and those things permanently affixed to them

Personal Property- Anything that is not real property and can be either tangible or intangible

Intellectual Property- Intangible property created by the intellect and includes copyrights, service marks and trademarks, patents, and trade secrets

Copyright- Protects the expression of a creative work, such as the work of an author, artist, or composer

Infringement- The unauthorized copying, sale, display, or performance of a copyright protected work

Fair use- The very limited use of copyrighted works by critics, researchers, news reporters, and educators.

Trademark- A word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant

Service mark- A unique word, mark, or symbol that identifies a service as opposed to the product

Patent- The grant of the exclusive right to make, use, import, sell, and offer a novel or new, non-obvious, useful products or process

Trade secret- Commercially valuable information that the owner attempts to keep secret

Constructed Delivery- A symbol of the subject matter of the gift to be substituted in delivery.

Accession- The right of an owner of property to a significant increase in that property.

Lost Property- Created when the owner does not know when or where it disappeared from the owners possession

Mislaid Property- Items placed intentionally somewhere but then forgotten

Occupancy- Acquiring title by taking possession of personal property that belongs to no one else

Severalty- Exists when one person owns all of the property involved

Co-ownership- Exists when two or more persons have ownership rights in the same property

Right of Partition- Allows any co-owner to legally compel the division of the property among the co-owners

Joint Tenancy- The equal co-ownership of the same property with the Right of Survivorship

Right of Survivorship- If one of the joint owners dies, the decreased co-owner’s interest is divided equally among the remaining joint tenants

Tenancy in common- The shares may be equal and there is no right of ownership

Tenancy by the Entireties- A form of co-ownership between husband and wife

Community property- Each spouse owns a one-half interest in such property



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